Subsequent Events	12 Months Ended
Dec. 31, 2025
Subsequent Events
Subsequent Events	16. Subsequent Events ATM Sales During the period from January 1, 2026 until March 11, 2026, the Company has issued 6,128,568 shares of its common stock under the Sales Agreement with Cantor, for net proceeds of $4,156. ZEC Purchases During the period from January 1, 2026 until March 11, 2026, the Company purchased an additional 4,680.43 ZEC tokens at an average purchase price of $427.31 through Gemini. Change in Fair Value of Embedded Derivative During the period from January 1, 2026 until March 11, 2026, the price of ZEC has been volatile and has seen significant declines, ranging from high prices of above $500 to low prices of below $200. A ZEC price at the end of the three month period ended March 31, 2026 that is lower than the price used for the Company’s financial statements as of December 31, 2025, will result in a decrease in the fair value of the embedded derivative and increase the Company’s net loss for the period. For example, if the Company were to hold the same amount of ZEC at the end of the three month period March 31, 2026 as it held as of March 11, 2026, and the price of ZEC were $200 as of March 31, 2026, then the current value of the Company’s digital asset receivable would be approximately $59,000 and there would be an unrealized net loss on the change in fair value of the embedded derivative for the three month period ended March 31, 2026 of approximately $88,500. As ZEC is highly volatile, there can be no assurance that the price of ZEC may not decline further, resulting in a smaller digital asset receivable and larger unrealized net loss. ZODL Investment On March 9, 2026, the Company announced an investment of $5,000 in Znewco, Inc., doing business as Zcash Open Development Lab (ZODL), through a Simple Agreement for Future Equity (“SAFE”) as part of an over $25,000 financing of ZODL. The Company’s investment in ZODL will convert into preferred stock as part of a future transaction in which ZODL issues and sells preferred stock at a fixed valuation, or, if there is a liquidity event or dissolution event before the conversion of the SAFE, will become payable for a portion of the proceeds of such liquidity event or dissolution. Nasdaq Closing Bid Price Deficiency Letter On March 4, 2026, the Company received a notification letter (the “Closing Bid Price Deficiency Letter”) from the Listing Qualifications staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company’s common stock has been below the minimum $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (“Rule 5550(a)(2)”). The Closing Bid Price Deficiency Letter is a notice of deficiency, not delisting, and does not currently affect the listing or trading of the Company’s shares of common stock on The Nasdaq Capital Market.

Subsequent Events

12 Months Ended

Dec. 31, 2025

16. Subsequent Events

ATM Sales

During the period from January 1, 2026 until March 11, 2026, the Company has issued 6,128,568 shares of its common stock under the Sales Agreement with Cantor, for net proceeds of $4,156.

ZEC Purchases

During the period from January 1, 2026 until March 11, 2026, the Company purchased an additional 4,680.43 ZEC tokens at an average purchase price of $427.31 through Gemini.

Change in Fair Value of Embedded Derivative

During the period from January 1, 2026 until March 11, 2026, the price of ZEC has been volatile and has seen significant declines, ranging from high prices of above $500 to low prices of below $200. A ZEC price at the end of the three month period ended March 31, 2026 that is lower than the price used for the Company’s financial statements as of December 31, 2025, will result in a decrease in the fair value of the embedded derivative and increase the Company’s net loss for the period. For example, if the Company were to hold the same amount of ZEC at the end of the three month period March 31, 2026 as it held as of March 11, 2026, and the price of ZEC were $200 as of March 31, 2026, then the current value of the Company’s digital asset receivable would be approximately $59,000 and there would be an unrealized net loss on the change in fair value of the embedded derivative for the three month period ended March 31, 2026 of approximately $88,500. As ZEC is highly volatile, there can be no assurance that the price of ZEC may not decline further, resulting in a smaller digital asset receivable and larger unrealized net loss.

ZODL Investment

On March 9, 2026, the Company announced an investment of $5,000 in Znewco, Inc., doing business as Zcash Open Development Lab (ZODL), through a Simple Agreement for Future Equity (“SAFE”) as part of an over $25,000 financing of ZODL. The Company’s investment in ZODL will convert into preferred stock as part of a future transaction in which ZODL issues and sells preferred stock at a fixed valuation, or, if there is a liquidity event or dissolution event before the conversion of the SAFE, will become payable for a portion of the proceeds of such liquidity event or dissolution.

Nasdaq Closing Bid Price Deficiency Letter

On March 4, 2026, the Company received a notification letter (the “Closing Bid Price Deficiency Letter”) from the Listing Qualifications staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company’s common stock has been below the minimum $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (“Rule 5550(a)(2)”). The Closing Bid Price Deficiency Letter is a notice of deficiency, not delisting, and does not currently affect the listing or trading of the Company’s shares of common stock on The Nasdaq Capital Market.